Barclays to price phoenix autocallables linked to S&P, Russell ETFs

By Angela McDaniels

Tacoma, Wash., July 22 – Barclays Bank plc plans to price phoenix autocallable notes due Aug. 17, 2021 linked to the lesser performing of the SPDR S&P 500 exchange-traded fund and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon at the rate of 7% per year if each ETF closes at or above its barrier price, 60% of its initial share price, on the observation date.

The notes will be automatically called at par if each ETF closes at or above its initial share price on any observation date other than the final one.

For both the contingent coupon and the automatic call, the observation dates occur semiannually beginning Aug. 10, 2017.

If the notes are not called and the final share price of each ETF is greater than its barrier price, the payout will be par. Otherwise, investors will have one-to-one exposure to the decline of the lesser-performing ETF.

Barclays is the agent.

The notes will price Aug. 10.

The Cusip number is 06741V6U1.

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